Dubai-based UAE-based firm 5ire has closed a $100 million Series A funding round at a $1.5 billion valuation. The proceeds will be used to develop an environmentally friendly Proof-of-Benefit blockchain.
— 5ireChain (@5ireChain) July 15, 2022
The round was led by the Sram & Mram conglomerate.
As part of the seed stage, the startup raised $21 million from Alphabit, Marshland Capital and other investors at a $110 million valuation.
The firm plans to expand into Asia, North America and Europe while maintaining core operations and development focus in India.
Proof-of-Benefit is based on stimulating practices related to the sustainable development goals developed in 2015 by the UN General Assembly.
5ire hopes to empower DAOs and working groups to implement them and be at the forefront of the fifth industrial revolution.
The launch of the main network is scheduled for November 2022.
Sram & Mram founder and chairman Sailesh Hiranandani predicted in an interview with CoinDesk that Proof-of-Benefit blockchain will be used by “governments and large corporations.” As an example, he cited an application for immigrants being developed by the Malaysian authorities.
Recall that the head of Binance, Changpeng Zhao, said that India is ready to “become a leader in the field of blockchain and cryptocurrencies.”
ForkLog previously talked about the Velas blockchain, which uses a hybrid Proof-of-History/Proof-of-Stake consensus algorithm.
Read more about the project in our educational cards.
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